Comprehensive Review- Kansas Life and Health Exam (2024/2025) 100% Solved

Comprehensive Review- Kansas Life and Health Exam (2024/2025) 100% Solved Entire Contract is the provision that states that the producer does NOT have the authority to change the policy or waive any of its provisions Decreasing Term the automatic load provision can be incorporated into all of these policies except... variable life insurance insurance policy that has a level premium but allows the policy owner to choose from a selection of investment options pre-existing condition clause long-term care policy must be waived when a new policy replaces existing coverage with the same insurer Insuring clause/provision (aka Insuring Agreement) Summary of coverage including premium & mode of payment, death benefit, beneficiary(ies), exclusions, & promise to pay. In order to determine if a medicare supplement insurance transaction involves the replacement of an existing policy, a question regarding replacement Must be located on the application internal limits a feature commonly found in health insurance policies that limits the amounts that will be paid for certain specified expenses, even if the claim does not exceed overall policy limits exclusion limit limits coverage in an insurance contract Variable Life Insurance a fixed-premium policy in which the death benefit and cash values vary according to the investment experience of a separate account maintained by the insurer Incontestable Period After 2 years a policy become incontestable. At this point, the company can't contest a claim even if it discovers misrepresentation or concealment on the application. Probationary Period Provision It is a specific time requirement, usually a period of employment. It must be satisfied before the prospective insured is eligible to apply for coverage. It is sometimes 90, 180, or 365 days Investor Originated Life Insurance (IOLI) the life insurance policy which circumvents insurable interest statutes K has a health policy that must be renewed by the insurer and the premiums can only be increased if applied to the entire class of insureds. This type of policy is considered guaranteed renewable what is the minimum grace period for an individual health policy that is paid monthly? 10 days Rick recently died and left behind an individual IRA account in his name. His widow was forwarded the balance of the IRA. The widow qualifies for the marital deduction which type of insurance allows policy-owners to elect a governing body? mutual insurance Which of the following statements BEST describes what the Legal Actions provision of an Accident and Health policy requires? "An insured must wait at least 60 days after Proof of Loss has been submitted before a lawsuit can be filed" what action can a policyowner take if an application for a bank loan requires collateral? assign policy ownership to the bank the__________________ clause identifies which losses from an accident or sickness are insured by the policy the insuring clause Kansas Free look period is how long? 10 days K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? proceeds will be payable to K' estate if P dies within a specified time N is a 40-year old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid-up at retirement. Which of these should N purchase? 30 Pay Life A policy adhesion can only be modified by whom? insurance company A characteristic of preferred provider organizations (PPO) would be: discounted fee for the patient The